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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Agency revenues $ 3,435 $ 3,541 $ 7,991 $ 8,221
Merchant revenues 1,313 1,050 2,875 2,286
Advertising and other revenues 292 258 861 807
Total revenues 5,040 4,849 11,727 11,314
Operating expenses:        
Performance marketing 1,291 1,314 3,513 3,562
Brand marketing 124 160 462 385
Sales and other expenses 276 243 739 612
Personnel, including stock-based compensation of $79, $70, $232 and $216, respectively 566 537 1,686 1,558
General and administrative 225 183 596 505
Information technology 71 58 206 177
Depreciation and amortization 117 107 352 317
Total operating expenses 2,670 2,602 7,554 7,116
Operating income 2,370 2,247 4,173 4,198
Other income (expense):        
Interest income 44 48 113 141
Interest expense (70) (68) (204) (203)
Net unrealized (losses) gains on marketable equity securities (49) 31 419 107
Foreign currency transactions and other 68 (18) 37 (40)
Total other (expense) income (7) (7) 365 5
Earnings before income taxes 2,363 2,240 4,538 4,203
Income tax expense 413 473 844 851
Net income [1] $ 1,950 $ 1,767 $ 3,694 $ 3,352
Net income applicable to common stockholders per basic common share (in dollars per share) $ 46.01 $ 37.39 $ 84.84 $ 70.00
Weighted-average number of basic common shares outstanding (in shares) 42,389 47,268 43,540 47,887
Net income applicable to common stockholders per diluted common share (in dollars per share) $ 45.54 $ 37.02 $ 84.06 $ 69.07
Weighted-average number of diluted common shares outstanding (in shares) 42,831 47,751 43,947 48,530
[1] The Company reclassified from accumulated other comprehensive income a net gain of $10 million ($11 million before tax) and a net loss of $1 million ($1 million before tax) for the nine months ended September 30, 2019 and 2018, respectively, from sales of investments in debt securities.

In addition, for both the three and nine months ended September 30, 2019, the Company reclassified from accumulated other comprehensive income a tax charge of $21 million related to the maturity in August 2019 of the Company's investment of $500 million in Trip.com Group (formerly known as Ctrip.com International Ltd.) convertible notes (see Note 5).

The reclassified net gain and loss before tax are included in "Foreign currency transactions and other" and the reclassified tax charges are included in "Income tax expense" in the Unaudited Consolidated Statements of Operations.